Primark won’t raise prices until fall 2023

Primark will prices will not increase further than already planned until next fall despite rising costs for the business has confirmed its parent company.

AB Foods said it wants to make sure the brand is still seen as when customers tighten their belts cheap alternative to other high street retailers.

Therefore, until next summer, the company will not make any price increases for its ranges, apart from those that it has already implemented and planned.

Chief Executive George Weston said: “Primark has faced significant input cost inflation and volatile exchange rates.

“We have chosen to keep pricing for the new fiscal year at the levels already implemented and planned, and to stand by our customers rather than pricing against these highly volatile input costs and exchange rates.”

The Argus: Primark won't be raising prices any more than it's already planned before next fallPrimark will not increase prices more than already planned before next autumn (Image: PA)

The move is in “Primark’s best interest,” the company said, pledging to support its “everyday affordability and price leadership” and help it grow its market share.

Sky news also reported Primark will Invest £140m to open four new stores and create at least 850 jobs.

Mr Weston added: “Primark’s sales, margin and profit increased significantly as more normal customer behavior returned in the wake of the pandemic.

“Significant progress has been made in expanding Primark’s digital capabilities, which will be a key element in Primark’s future development.”

The company is currently testing click-and-collect in 25 stores.

Primark’s like-for-like sales have largely returned to pre-Covid levels in the UK but remain weaker in continental Europe. Primark won’t raise prices until fall 2023

Fry Electronics Team

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